How to make a data-driven Customer Strategy in 2021?
How to make a data-driven Customer Strategy in 2021?
40 percent of organizations aim to increase data-driven marketing budgets, and 64 percent of marketing leaders report that data-driven strategies are vital for the economy. Data is going to revolutionize the way brands approach their customers. Big giants like Amazon, Netflix, and Google have established their entire empires around customer data and analytics. You can see data can transform everything.
There are many benefits of a data-driven strategy to a business. It helps businesses predict customer behavior using various patterns which helps in offering personalized and custom experiences. Not only this, content tracking of customer activities improves business strategies that allows businesses to offer the right product at the right place at the right time.With the increasing popularity of data-based strategies among every industry, there is a lack of understanding about how to use data to accomplish company goals. According to a survey, only about 4% of businesses know how to use data at their disposal. Given that, if you are starting with a data-driven customer loyalty strategy, you need to have a clear goal in mind to make the most out of the strategy.
Here is a guide to keeping you on the right track:
Gather a team of experts
You need an expert team to leverage a huge amount of data for achieving your business goals. It is the foremost step to start a customer data strategy. If you don’t have experts, you may risk running into bottlenecks later. It can ruin your entire strategy. Hence, hire a team of experts for the data-driven strategy. You need data scientists, technicians, and people who can handle CRM platforms. These people will help you create a strong strategy. Once you have assembled the team, try to foster collaboration by holding internal meetings and explain your vision to them.
Line out your goals
This is the area where most business leaders lack vision -how to align data with the company’s goals. Whether it’s achieving high revenue or customer loyalty, making a list of goals will help you create an effective customer retention strategy in 2021. Running a data-driven strategy is good, but if you don’t have a clear goal you might end up ruining your entire strategy. Clarity is important if you want to make sense out of the data and use it to grow your business. The issue with goal setting is that companies have too broad goals instead of few specific goals. Data will surely give you higher revenues but if you want to do more than that. You need to set a specific goal in mind. The best way to make goals is to utilize KPIs. You will know how much customers spend on average in their interactions with your business. Hence, helping you craft a better strategy.
Collect, organize and manage data with CRM software
Before you plan out the strategy, you first need to decide how you will collect the data and through which sources. There are many channels available to gather data, such as email subscription, website, contact list, customer purchase history, etc.You need a CRM system to collect and manage the data, such as Froogal Intelligent CRM – Automation data collection helps you collect data digitally through different touchpoints and online promotions. You can track acquisition rate and URL direct etc. CRM platforms like Froogal can help you forward data from various channels into a unified database and provide a convenient interface for organizing it. Try Froogal Intelligent CRM now.
Making things easier for you, isn’t it?
>Analyze data to fuel the company’s growth
According to research, organizations that leverage customer behavior with data outperform their peers by 85 % in sales growth.
To get most of the collected data, you need to monitor and test it regularly. For example, if the reward redemption rate is low or you are not getting a response from your current marketing strategy, you will get your answers with the data. At least you will be able to make improvements and remove barriers that are giving such results.
For analyzing the data, it is advised that you use a sophisticated platform like Froogal. Automated CRM tools will make the data collection and management simple. You can make the most of your data-driven strategy with the right CRM platform.
The right communication channel and rewards
Once you have the customer’s insights the next step is to decide the mode of communication to reach your customers. You can choose SMS, Emails, or social media. It also depends on which segment of customers you are targeting – loyal or new customers. Choose the channel wisely to make the most of your strategy. The channel you pick must reach maximum customers. For example, if your customer is digital savvy, social media is the best option, or if they are not tech-savvy you must use other platforms to reach them. Focus on giving a great experience to your customers using multiple platforms. Omnichannel presence is a must. There are many platforms out there, such as SMS, emails, social media, etc. Pick one that engages your customers and contributes to ROI.
Test and evaluate
Follow a trial and error model to improve your strategy. There is no hard and fast rule to get success in the data-driven strategy. You need to test it and evaluate it from time to time to make changes and improve the strategy. Every business is different, so plan your strategy accordion to your goals and industry type. It is suggested that while developing a data-driven customer strategy you need to find things that can be changed and discarded. For example, while creating a loyalty program, you can ask your team how to create a unique program for customers with better rewards. This brainstorming will help you design fun, refreshing rewards and see if they work with the existing customers. Test, test, test.
Data is one of the most powerful tools companies have today. A data-driven program is a crucial factor in achieving success and gaining customer loyalty in 2021. With data-driven marketing, you can think more innovatively in planning strategies to wow your customers. Data analytics platforms will provide seamless services such as tailor-made campaigns and audience segmentation. It will improve the ROI. Predictive analytics from collected data will allow you to predict customer behavior. In simple words, having a data-driven marketing strategy is the best option to reach customers uniquely and offer them great experiences. If your customers are not happy, you will know through collected data. Isn’t that a great thing?
Why choose Froogal?
We offer a one-stop solution platform that provides end-to-end technology to understand, retain and engage your customers through omnichannel digital strategy, leading to deeper and data-driven relationships with your customers. We have an expert team focusing strongly on a unique mix of Strategic Consulting, Creative, Operations support services driving you with actionable intelligence that can help drive incremental revenues and optimum profitability.